NSEL CRISIS – A Case of Complexity
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The National Spot Exchange Limited (NSEL) crisis occurred in July 2013 when all trades were halted by the Forward Markets Commission (FMC) and exchange members defaulted on Rs. 5600 crore in payments. An investigation revealed that the warehouse receipts underlying the trades were worthless and many warehouses did not have the claimed commodity stocks. The Centre has proposed compulsory merger of NSEL with its parent company FTIL, but FTIL shareholders oppose this. The Bombay High Court is overseeing attachment and liquidation of defaulters' assets, while the future for investors and resolution of the crisis remains uncertain.
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Please find enclosed herewith copy of Presentation about NSEL Scam given to Shri Jayant Sinha (State Finance Minister ) on dated 07th January, 2015 presented by group of Investors.
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National Spot Exchange (NSEL) was a commodities exchange in India that collapsed in a Rs. 5600 crore (US$0.9 billion) fraud. NSEL failed to repay investors in commodity pair contracts after July 2013. The scam involved illegal activities by brokers and back-end changes at NSEL. Key people involved include Jignesh Shah, founder of MCX and FTIL, who was arrested as the alleged mastermind. The fraud had massive effects, crashing share prices of FTIL and MCX while investigations and arrests continue. Lessons highlight the need for clarity on products promising high returns and understanding that nothing is truly risk-free.
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Please find enclosed herewith copy of Presentation about NSEL Scam given to Shri Jayant Sinha (State Finance Minister ) on dated 07th January, 2015 presented by group of Investors.
This is for your information only
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An undistorted, unbiased and 360° view of the National Spot Exchange Limited payment crisis that shook the foundation of the commodities market in India. The presentation encapsulates the entire crisis whilst also trying to incorporate the latest developments.
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NSEL Scam – Case Study
The document provides an overview of the NSEL scam that occurred in India. It describes how NSEL was established as an electronic commodity exchange that allowed short selling against regulations. A payment crisis emerged in 2013 when the physical commodities were found to be short of the records. Regulatory bodies like FMC were aware of issues for years but failed to take action, allowing the scam to grow to Rs. 5,600 crore before it was officially declared. The fraud had significant effects, crashing share prices of related companies and resulting in regulators finding promoters unfit to run exchanges.
Fmc being mute spectator in nsel crisis
The document criticizes the Forward Markets Commission (FMC) for its role as a mute spectator during the 2013 National Spot Exchange (NSEL) crisis. It alleges that despite NSEL sharing information with FMC for years, FMC wrongly advised the government to abruptly close NSEL. It also questions why FMC allowed NSEL to operate for so long if it was violating norms from the beginning. Furthermore, the document claims FMC overstepped its powers by recommending the merger of NSEL and FTIL and changing FTIL's board. It argues FMC failed to take actions like SEBI did in a similar 2008 crisis, and has passed pecuniary benefits to defaulters and brokers while remaining silent about broker involvement in money laund
Why trading client should join hand with NSEL?
The proposal by Financial Technologies India Ltd (FTIL) towards resolution of the crisis warrants that all parties like brokers, trading client, government & others participate with a resolution oriented mindset.
Gri research project 1
This document provides information about investment banking and its role in the US financial industry. It discusses how investment banks helped create the 2008 housing bubble through improper mortgage allocation. It also describes the key functions of investment banks like facilitating IPOs, providing investment advice, and assisting with mergers and acquisitions. The document then outlines the major US regulatory bodies that oversee investment banking and five important regulations that have impacted the industry, including the Glass-Steagall Act that originally separated commercial and investment banking.
Truth of ftil’s shake down collude
Maharashtra Protection of Interest of Depositors (MPID) court observed a delay in liquidation of attached properties of NSEL Defaulters
Bhat irrfan
NBFIs play an important role in the financial system by providing access to credit for individuals and business that may not be served by traditional commercial banks. Some key NBFIs include:
- Finance companies: Provide consumer and commercial financing for items like vehicles, equipment, and services.
- Insurance companies: Pool and transfer risks among policyholders and provide protection from financial loss.
- Securities firms: Facilitate trading of financial assets like stocks, bonds, and derivatives in capital markets.
- Investment funds: Pool money from investors and invest in a variety of assets to generate returns.
- Leasing companies: Facilitate acquisition of equipment and other assets through lease-financing agreements.
So in
Money Laundering and Its Fall-out - Other Bodies also work hand-in-hand to k...
This document discusses several bodies that work to prevent money laundering in India. It outlines the roles of the Financial Intelligence Unit - India (FIU-IND), the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI) in receiving reports, regulating financial institutions, and monitoring the securities market. It also describes problems with India's anti-money laundering efforts, such as a slow enforcement mechanism, growing technology enabling laundering, public unawareness, ineffective know-your-customer norms, smuggling, and a lack of single comprehensive enforcement agency.
Non-Banking Financial Companies & MICROFINANCE Unite Wise
This document provides an overview of non-banking financial companies (NBFCs) and microfinance in India. It discusses the evolution of NBFCs and microfinance in India from traditional money lenders and chit funds to the establishment of regulatory bodies like RBI and SEBI. Key committees that shaped regulations for NBFCs are highlighted. NBFCs are classified into different categories and their permitted activities including fund based activities like lending are described at a high level.
Final govt. sec mkt
This document provides an overview of the evolution of the government securities market in India. It discusses that prior to economic reforms in the 1990s, the government securities market was underdeveloped due to inefficient market practices and limited institutional infrastructure. Interest rates on government securities remained negative in real terms to keep borrowing costs low. The RBI also had little control over debt management aspects. Economic reforms in the 1990s helped develop the government securities market through measures like introducing auction system and making RBI the sole entity for government borrowing.
Fimmda
1) FIMMDA is an association of commercial banks, financial institutions and primary dealers incorporated in 1998 as a voluntary market body for the bond, money and derivatives markets in India.
2) It has a large membership base including all major public and private sector banks, financial institutions, insurance companies and primary dealers.
3) One of FIMMDA's key roles is to publish reference rates for various money market instruments and yield curves for pricing government securities to bring standardization and transparency to fixed income markets in India.
Overview of IFS
The document provides an overview of the Indian financial system. It discusses that the Indian financial system consists of both formal and informal sectors. The formal sector is regulated and caters to modern economic needs, while the informal sector is unregulated and deals with traditional, rural activities. The key components of the formal system are regulators like RBI and SEBI, financial institutions, instruments, markets, and services. The document then outlines the evolution of the Indian financial system from the pre-1951 private sector era to the current period of globalization.
Overview of Indian Financial system
The document provides an overview of the Indian financial system. It discusses that the Indian financial system consists of both formal and informal sectors. The formal sector is regulated and caters to modern economic needs, while the informal sector is unregulated and deals with traditional, rural activities. The key components of the formal system are regulators like RBI and SEBI, financial institutions, instruments, markets, and services. The document then outlines the evolution of the Indian financial system from the pre-1951 private sector era to the current period of globalization.
How Fmc Showed Bias Against NSEL & FTIL
The document discusses how the FMC (Forward Markets Commission) focused its actions against NSEL and FTIL after a payment problem at NSEL, but did not take sufficient action against the actual defaulters who owed Rs. 5600 crore. It notes that investigating authorities confirmed FTIL received no benefits from NSEL operations. It criticizes how the FMC declared FTIL "unfit" and forced the sale of its stakes, causing investor losses, while never investigating the broker houses involved or the 22 actual defaulters. This leaves questions about the FMC's true intent and motives.
Non banking financial corporation
NBFCs are financial institutions that provide banking services like loans and credit facilities but do not have a banking license. They are registered as non-banking financial companies under the Companies Act and are engaged in activities like lending, acquiring stocks/bonds, trading in money markets, and managing stock/share portfolios. NBFCs play an important role in developing sectors like transport and infrastructure while generating employment and wealth. Compared to banks, NBFCs have less stringent regulatory requirements and licensing is easier, though they also have limitations like not being part of the payments system and not offering checking facilities.
SEBI
SEBI was constituted in 1988 as the regulator for the securities market in India. It aims to protect investors, ensure fair practices in the market, and promote an efficient market. SEBI regulates stock exchanges, brokers, and other intermediaries. It also issues guidelines for primary and secondary markets, mutual funds, FIIs, and other areas. The guidelines cover issues like broker registration, bonus shares, rights issues, and debentures. SEBI has both regulatory and developmental functions, including promoting investor education and research.
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The document discusses actions being taken against brokers involved in the NSEL crisis. The Economic Offences Wing is investigating over 200 brokers for allegedly mis-selling NSEL contracts and promising assured returns. Three brokerage officials have been arrested. SEBI needs additional evidence like forensic reports from investigating agencies before taking action against brokers for potentially violating regulations. The Forward Markets Commission is authorized to recover funds from 22 trading members declared defaulters by NSEL and oversee settlement of outstanding contracts under its supervision.
Where did FMC fail?
The Department of Consumer Affairs nominated the Forward Markets Commission (FMC) to provide oversight over spot exchanges. The FMC communicated this to NSEL and required them to submit fortnightly reports. However, the DCA issued a show cause notice to NSEL in 2012 regarding some contracts. NSEL responded to the notice but the DCA took no action for over a year. Then in 2013, the DCA suddenly asked NSEL to stop issuing new contracts without explaining their reasons, disrupting trading.
Indian Airports That'll Take Your Breath Away
The document summarizes several unique airports in India that provide scenic views. It discusses Lengpui Airport in Mizoram with a tabletop runway above merging rivers. It also mentions Kushok Bakula Rimpochee Airport in Leh as one of the highest airports in the world at 3,256 meters, with snow-coated mountain views. Additionally, it describes Agatti Airport on Lakshadweep as surrounded by crystal blue water and offering a photogenic view among the ocean.
5 Best Blockathon Match-Saving Knocks
The document discusses several examples of heroic test cricket innings that helped save matches through determined, patient batting. It describes knocks by Mike Atherton for England, Mark Greatbatch for New Zealand, Andy Flower for Zimbabwe, Faf du Plessis for South Africa in his debut, and Jacques Kallis frequently saving tests for South Africa, including a 346 ball unbeaten 109 to avoid defeat against West Indies.
YouTube's 'Richie Rich"
The document summarizes the top 13 highest earning YouTubers from DIY and comedy channels. PewDiePie topped the list with $12 million from his gaming channel with over 40 million subscribers. Smosh and the Fine Brothers tied for second place with $8.5 million each from their comedy channels. Lindsey Stirling earned $6 million from her violin and dance videos. Rhett and Link and KSI tied for fifth place with $4.5 million each from their comedy and gaming channels respectively.
The Wait is Almost Over
The document provides information on upcoming films in 2016, including their directors, stars, plots, and release dates. Some of the films discussed are Airlift (based on a true evacuation during the Iraq-Kuwait War starring Akshay Kumar), Raees (a crime thriller starring Shah Rukh Khan set in 1980s India), Fitoor (a romantic drama based on Great Expectations starring Aditya Roy Kapoor and Katrina Kaif), Jagga Jasoos (a comedy mystery starring Ranbir Kapoor and Katrina Kaif), Suicide Squad (featuring DC supervillains in a task force), Deadpool (about the mercenary Wade Wilson seeking revenge), Batman v Superman: Dawn of
Greedy Online Vandals Misusing Social Media
Greedy traders and their vested interest group who are misusing social media to obstruct and derail the path to justice.
Indians making India proud
This document highlights several Indians who have developed innovative solutions to various problems. It describes Anirudh Sharma's haptic shoes to guide the blind, Shubham Banerjee's Braille printer made from Lego blocks, Mansukh Bhai Prajapati's electricity-free clay fridge, Gautam Kumar's gas leak alarm, Amol Suhas Ghemud's adventure activities website TrekTo, Deepak Ravindran's SMS-based internet access for feature phones, and Harsh Songra's app to help parents screen for mental disorders in children. The document encourages applying new approaches rather than the same thinking that created problems.
NSEL DEFAULTER: SWASTIK OVERSEAS Corporation ASSETS FOR AUCTION
The National Spot Exchange crisis occurred in July 2013 when trading was suspended due to a payment crisis. Swastik Overseas Corporation was identified as one of 24 defaulters who owed over 90 crore. To recover funds, the High Court formed a committee that issued notices to defaulters, including Swastik, and began auctioning seized assets like Swastik's commercial and residential properties worth 3.39 crore. There is a need to speed up auctioning defaulters' assets so trading clients can recover their money.
Atithi Devo Bhavah
Indians go to great lengths to welcome guests into their homes. They view hosting guests as a test of their family's values and culture of hospitality. Entire families meticulously prepare meals and the home to make guests feel like honored celebrities. However, Indians also want guests to leave after some time so family routines can resume.
5 Creative Ways To Decorate A Cake
This document provides 5 creative ways to decorate cakes without needing advanced decorating skills: 1) Make "blossoming cookies" by decorating cookies to look like flowers and arranging them on a cake; 2) Use real edible flowers to simply and beautifully decorate; 3) Add gummy bears or jelly shapes for a kid-friendly look with little effort; 4) Cover a cake in flavored cereal for a colorful fruity design; 5) "Embroider" intricate patterns on cake using sprinkles which takes more time but looks impressive.
NO MONEY TRAIL FOUND AGAINST JIGNESH SHAH
The National Spot Exchange Limited crisis occurred in July 2013 when all trades were halted by the Forward Markets Commission (FMC), the regulator of forward markets, which did not actually have jurisdiction over a spot exchange. The FMC's order to immediately close the market caused panic and led to a settlement failure of Rs. 5,600 crore. While the crisis was first reported in May 2012 when trading volumes were Rs. 2,000 crore, the FMC did not respond until July 2013. It was clear that stocks sold on the exchange were absent and a payment failure was obvious, though some brokers had inspected warehouses and confirmed adequate stock. Jignesh Shah, while not directly owing any money himself, was implicated and arrested, and the
Anticipated Bigg Boss Season 9 Contestants
This document discusses potential contestants for the reality TV show Bigg Boss Season 9. It mentions several Indian celebrities who may appear on the show, including Radhe Maa, Raghu Ram, MSG (Gurmeet Ram Rahim Singh), VJ Bani, Shruti Seth, Poonam Pandey, Yo Yo Honey Singh, Rahul Yadav, and Sana Saeed. Each entry provides brief background on the celebrity and why they could make for interesting contestants. The conclusion states that this combination of celebrities would bring glamour, devotion, and drama to the show.
AUCTION OF PADDY STOCK OF NSEL DEFAULTER NAMDHARI FOOD
The Bombay High Court formed a committee to resolve legal matters related to the National Spot Exchange Limited (NSEL) default. The committee, known as the High Court Committee, was discussing the auction of paddy stocks from NSEL defaulter Namdhari Foods. Two bidders expressed interest, and Songara Trading Company was selected with a bid of Rs. 7,500 per metric ton. However, Songara argued they could not attend the previous hearing. The court accepted their bid upon receiving an undertaking from Songara to deposit the full payment within seven days. The next hearing was scheduled to allow the other bidder to increase their offer if desired.
Outcome of the HCC Meeting held on 5th August 2015
The High Court Committee (HCC) met on August 5th, 2015 to hear matters related to three NSEL defaulters - Shree Radhey Trading Corporation, Aastha Minmet, and Swastik Overseas Corporation. For Shree Radhey, the Committee directed them to get copies of stock records from the police and submit reconstructed records along with their bid. For Aastha Minmet, the Committee allowed the winning bidder to lift steel bars after paying the balance. For Swastik Overseas Corporation, the Committee issued a fresh notice warning of action if they failed to appear at the next hearing.
Academy of Villains
The document discusses several famous villains from movies including Gabbar from Sholay, Shakaal from Shaan, Crime Master Gogo from Andaz Apna Apna, Mogambo from Mr. India, The Joker from The Dark Knight, Darth Vader from Star Wars, Dr. Evil from Austin Powers, Lord Voldemort from Harry Potter, and Hannibal Lecter from Silence of the Lambs. It provides details about each villain's character traits, memorable scenes and dialogues that make them iconic villains in cinema history.
Maharashtra Government Initiates to resolve NSEL Matters
Setting up a special court for NSEL matters by Maharashtra Government will help in the process of recovering the money from the NSEL defaulters.
EOW’s Endeavor for Forensic Auditors in the NSEL Crisis Case
The National Spot Exchange Limited crisis came to light in July 2013 when the exchange was forced to suspend all trading after it was discovered that 24 members owed Rs. 5,600 crores. The Economic Offences Wing of the Mumbai Police is investigating and has filed charges and made arrests but is still studying the money trail and how money was siphoned off. They have secured properties worth Rs. 5,400 crores belonging to accused parties, of which properties worth Rs. 3,400 crores have been gazetted for disposal, and the funds will be collected and distributed among investors. However, the EOW wants a special dedicated Competent Authority appointed to handle only the disposal of attached properties in this NSEL crisis case
NSEL CRISIS: Complainant & Defaulter Hand-in-Hand
Pankaj Saraf, an investor who filed an FIR against NSEL, received a settlement of Rs. 54.04 lakhs from an associate company of one of the largest NSEL defaulters, P. D. Agro. This secret deal, in violation of a court order, suggests Saraf is colluding with defaulters rather than assisting recovery efforts. The document speculates other investors may have entered similar undisclosed deals with brokers and defaulters.
10 Crazy Food Phobias
This document lists and describes various uncommon food phobias, including the fear of eating (cibophobia), tasting new flavors (geumophobia), cooking (mageirocophobia), using chopsticks (consecotaleophobia), peanut butter sticking to the roof of one's mouth (arachibutyrophobia), sour foods (acerophobia), vegetables (lachanophobia), garlic (allumphopia), chicken (alektorophobia), and fish (ichtyophobia). Each phobia is accompanied by a brief explanation of what causes the fear and how it may impact the person's eating habits or food choices. The document suggests that while these phobias may
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NSEL CRISIS – A Case of Complexity
- 2. *Introduction *FMC Role *Outcomes of investigation *FTIL-NSEL Merger met with Opposition *What is ahead? *Conclusion
- 3. *The National Spot Exchange Limited (NSEL) crisis broke in July 2013 *All the trades were halted by Forward Markets Commission (FMC) *Exchange members defaulted on payments to the tune of Rs. 5600 crore *22 defaulters members are held responsible for payment default
- 4. *Forward Markets Commission (FMC) is a regulatory authority, overseen by the Ministry of Finance, Govt. of India *FMC, as regulator of forward markets had no jurisdiction over a spot exchange & is supposed to be regulated by the Ministry of Consumer Affairs *FMC should take more aggressive actions towards defaulters than just simply going behind NSEL
- 5. *Upon investigation, it was revealed that the warehouse receipts on the basis of which the trades are executed were worthless *Many of the warehouses did not have the claimed stocks of commodities *22 defaulters are accountable for the circumstances that led to the NSEL crisis and payment defaults
- 6. *Under Companies Act, the Centre has proposed the compulsory merger of NSEL with parent company FTIL *The decision of merging NSEL & FTIL has met with an opposition by FTIL’s shareholder *The Centre now requires additional time to pass final verdict on the matter
- 7. *NSEL on its part is cooperating with government, whereas the defaulter’s refuse to comply and cooperate *Bombay High Court has appointed a special committee to oversee the attachment & liquidation of assets of the defaulters *Economic Offences Wing of the Mumbai Police under directions of Bombay HC has attached assets of defaulters *FTIL & NSEL have put forth a ‘settlement deal’ in front of investors which is being met with opposition by brokers
- 8. *Only time will tell how and when NSEL crisis case will get resolved *The government should go behind defaulters rather than debating on tangential issues *What’s the way forward for investors? How will they get refunds of the money lost?
- 9. Images are for representation purpose only.